Regions Financial Corp (RF) Position Raised by Cadence Capital Management LLC
Cadence Capital Management LLC boosted its stake in Regions Financial Corp (NYSE:RF) by 13.1% in the first quarter, Holdings Channel reports. The firm owned 28,113 shares of the bank’s stock after acquiring an additional 3,250 shares during the period. Cadence Capital Management LLC’s holdings in Regions Financial were worth $398,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RF. Buffington Mohr McNeal bought a new stake in shares of Regions Financial in the first quarter worth about $28,000. Lindbrook Capital LLC bought a new stake in shares of Regions Financial in the fourth quarter worth about $27,000. Financial Architects Inc bought a new stake in shares of Regions Financial in the fourth quarter worth about $31,000. Whittier Trust Co. increased its holdings in shares of Regions Financial by 84.7% in the fourth quarter. Whittier Trust Co. now owns 2,770 shares of the bank’s stock worth $37,000 after acquiring an additional 1,270 shares in the last quarter. Finally, Doyle Wealth Management bought a new stake in shares of Regions Financial in the fourth quarter worth about $40,000. Institutional investors and hedge funds own 71.80% of the company’s stock.
In related news, EVP Scott M. Peters sold 30,877 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $15.19, for a total transaction of $469,021.63. Following the completion of the transaction, the executive vice president now directly owns 50,486 shares of the company’s stock, valued at $766,882.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO John B. Owen sold 61,756 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $15.25, for a total value of $941,779.00. Following the transaction, the chief operating officer now directly owns 127,152 shares of the company’s stock, valued at $1,939,068. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,510 shares of company stock valued at $1,889,394. 0.28% of the stock is owned by corporate insiders.
Regions Financial (NYSE:RF) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.37 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.37. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.46 billion. Regions Financial had a return on equity of 10.76% and a net margin of 26.38%. Regions Financial’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. On average, research analysts predict that Regions Financial Corp will post 1.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.87%. Regions Financial’s payout ratio is presently 41.18%.
RF has been the subject of several recent analyst reports. Sandler O’Neill upgraded Regions Financial from a “hold” rating to a “buy” rating in a report on Monday, March 25th. UBS Group set a $17.00 price target on Regions Financial and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Morgan Stanley lowered their price target on Regions Financial from $19.00 to $18.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. FIG Partners reiterated a “market-perform” rating on shares of Regions Financial in a report on Thursday, February 21st. Finally, Nomura upgraded Regions Financial from a “reduce” rating to a “neutral” rating and set a $14.00 price objective for the company in a report on Friday, March 29th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $17.19.
Regions Financial Profile
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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